insolvency of insurance company
- insolvency of insurance company
-
A depletion of assets to the extent that they are insufficient for the payment of the just debts and obligations of the company. 29 Am J Rev ed Ins § 116.
An insurance company is not insolvent when the value of its property is greater than the amount of its liabilities and it is able to pay its debts when they mature, although the excess of the value of its property above its liabilities may be less than the par value of its stock. Shearer v Farmers' L. Ins. Co. (CA8 Mo) 262 F 861.
Actuarial solvency of a mutual benefit company requires that the funds of the company on hand and the present value of future payments to be made by the members shall be equal to the accrued obligations and the present value of the insurance in force. Jenkins v Talbot, 338 Ill 441, 170 NE 735, 80 ALR 638, app dismd 283 US 782, 75 L Ed 1412, 51 S Ct 342.
Ballentine's law dictionary.
Anderson, W.S..
1998.
Look at other dictionaries:
Executive Life Insurance Company — (ELIC) was once the largest life insurance company in California. Its financial problems and subsequent insolvency in 1991 [ [http://www.nolhga.com/companies/public/main.cfm?NAICCode=63010 Executive Life Insurance Company] , Insolvencies and… … Wikipedia
insurance — /in shoor euhns, sherr /, n. 1. the act, system, or business of insuring property, life, one s person, etc., against loss or harm arising in specified contingencies, as fire, accident, death, disablement, or the like, in consideration of a… … Universalium
insurance — A contract whereby, for a stipulated consideration, one party undertakes to compensate the other for loss on a specified subject by specified perils. The party agreeing to make the compensation is usually called the insurer or underwriter; the… … Black's law dictionary
insurance — A contract whereby, for a stipulated consideration, one party undertakes to compensate the other for loss on a specified subject by specified perils. The party agreeing to make the compensation is usually called the insurer or underwriter; the… … Black's law dictionary
Insurance — This article is about risk management. For Insurance (blackjack), see Blackjack. For Insurance run (baseball), see Insurance run. In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a… … Wikipedia
United Kingdom company law — Beside the River Thames, the City of London is a global financial centre. Within the Square Mile, the London Stock Exchange lies at the heart of the United Kingdom s corporations. United Kingdom company law is the body of rules that concern… … Wikipedia
National Organization of Life and Health Insurance Guaranty Associations — The National Organization of Life and Health Insurance Guaranty Associations[1] (often abbreviated NOLHGA) is a voluntary, U.S. association made up of the life and health insurance guaranty associations of all 50 states, the District of Columbia … Wikipedia
Cornhill Insurance plc v Improvement Services Ltd — Court High Court, Chancery Division Date decided 22 July 1985 Citation(s) [1986] 1 WLR 114, (1986) 2 BCC 98942 … Wikipedia
Commercial insolvency in Canada — A closed restaurant in Gananoque, Ontario Commercial insolvency in Canada has options and procedures that are distinct from those available in consumer insolvency proceedings. It is governed by the following statutes: The Bankruptcy and… … Wikipedia
Federal Deposit Insurance Corporation — FDIC … Wikipedia
